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10 Year Level Term Life Insurance

10 year level term life insurance policy is an effective risk management tool wherein the insurance provider offers coverage against the life of the policyholder for a fixed tenure of 10 years. Such plans are fairly straightforward and are meant for those who wish to secure their loved one's financial future. Level term insurance policies are the most popularly purchased, given that the premiums remain constant throughout the term. 

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What Does 10 year Level Term Life Insurance Mean?

10-year level term life insurance plans are pure risk protection plans with a policy term of 10 years. As the name indicates, these plans charge level premiums against the sum assured amount, insuring the policyholder for the said period. If the life assured were to die within this 10-year tenure, the nominees will receive the guaranteed death benefit that they can use to fund future needs. 

The benefits of 10-year level premium policies are primarily twofold. First, once the premium rates are set by the insurer, it remains the same for the entire duration of the policy. Secondly, the 10-year policy term is not a long-term commitment and, therefore, is a fairly feasible financial planning strategy. 

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₹75
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Life Cover

@ Starting from ₹ 12/day+

Why Should You Choose a 10 Year Level Premium Policy?

There are several upsides to purchasing such term policies, such as:

  • Affordability - 10 year level term life insurance policy is generally more affordable even against high sum assured, given that they offer protection only for a brief period (10 years in this case). 

  • Flexible Premium Payment Terms - With 10 year level term life insurance, you get the flexibility of choosing the suitable premium payment terms. The available premium payment terms are limited, regular, and single, depending on the specific policy’s T&Cs.

  • Rider Benefits - You can add riders to your level term life policies that offer extra protection against accidental death, accidental disability, waiver of premiums, hospicare, terminal illness, and critical illnesses. 

  • Stability - Once the premiums are decided against the desired sum assured, there are no changes to the policy. You do not have to worry about hikes in premiums once the policy is in force till the maturity of the policy.

  • Tax Benefits - You can claim term insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.

  • Efficient Budgeting - Because you are already aware of the amount that you will have to spend on your policy, you can budget other expenses accordingly. Further, since the nominees have a fair idea of the benefits receivable, they can start planning finances immediately after the death of the policyholder. 

  • Income Source - The most obvious reason for buying a level-term policy is to ensure an income stream for your dependents after your death. With a 10 year level term life insurance policy, you should be able to create a decent financial cushion for your loved ones to fall back on after your demise. 

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What Should Be Sum Assured Under a 10 Year Term Life Insurance?

This is the most crucial aspect of purchasing a 10 year level term life insurance policy. If the benefit amount does not even cover the basic cost of living for your dependents, the whole purpose of term insurance is lost. Given that 10 years is not a significant period, you should be all the more strategic with the sum assured under a 10-year level term life insurance. Moreover, such plans do not come with the option of increasing the sum assured mid-term. Therefore, you should only decide after carefully evaluating factors such as the number of dependents, outstanding debt obligations, rate of inflation, cost of living, education expenses, etc. 

To calculate the suitable life cover for your profile, you can use the human life value calculator. Ideally, the sum assured on death should be at least 10 to 15 times your current annual income. Further, it should also be in a range wherein the premium charged against it falls in your budget. Remember that securing your family’s future against the risk of your life should not be at the cost of your current financial health. 

Using the term insurance premium calculator you can get prompt estimations of the premiums and the sum assured. You can also carry out extensive financial analysis of your earnings, assets, and future finances using other financial planning tools.

FAQs

  • Q: What does 10 year level term life insurance mean?

    Ans: A 10 year level term life insurance policy is a term insurance plan covering for 10 years at fixed premiums and life cover. This means, the life cover and the premium rates would not increase throughout the policy tenure.
  • Q: What is the difference between level term and decreasing term insurance?

    Ans: The 10 year level term life insurance policy offers protection at constant premium rates throughout the policy term. On the other hand, decreasing term life insurance cover keeps decreasing as the policy reaches the maturity date. Premiums are generally lower for decreasing term insurance covers.
  • Q: How is level term life insurance different from increasing term insurance?

    Ans: Unlike 10 year level term life insurance policy, where the cover remains constant throughout, the coverage in increasing term insurance keeps growing to serve bigger expenses in the future. With increasing coverage, the premiums also keep getting higher.
  • Q: What are the advantages of 10 year level term life insurance policy?

    Ans: The advantages of 10 year level term life insurance policy are as follows:
    • Affordable premiums
    • Multiple premium payment terms
    • Enhance cover with riders
    • Fixed premiums
    • Tax benefits
    • Helps plan finances
  • Q: What happens at the end of a 10 year term life insurance?

    Ans: At the end of a 10 year term life insurance policy, the policy will terminate and cease to financially cover the policyholder’s family. The policyholder can stop paying premiums, and the nominee will not be eligible to receive death benefits on death after the expiration of the 10 year term life insurance. A notice or a mail may be sent to the policyholder stating the end of the policy tenure with an offer to buy a new term plan for extended coverage.
  • Q: How does a 10 year term life insurance work?

    Ans: A 10 year term insurance policy works by offering financial security to the policyholder’s family in exchange for regularly paid premiums. The 10 year term life insurance plans may provide the needed coverage in case you are of a certain age, have health conditions, or are a smoker.
  • Q: Is 10 year term life insurance good?

    Ans: Yes, a 10 year term insurance is a good option for individuals whose kids are going to no longer be dependent in the next 10 years. However, if you have younger kids, you may want to consider buying a term plan with longer tenure.
  • Q: Can you cancel a 10 year term life insurance policy?

    Ans: Yes, you can cancel your 10 year term life insurance policy by simply informing the insurer about your intent to cancel the policy and stopping paying premiums. However, it is important to note that after cancellation, your family may be unprotected in case of your untimely demise. Therefore, it is suggested that you continue the 10 year level term life insurance for the entire policy tenure.

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